US economy adds 528,000 jobs, far outpacing expectations
The unemployment rate fell to 3.5%. The U.S. hiring saw a dramatic increase in June, as the economy added 528,000 jobs and the unemployment rate fell to 3.5%, according to data released by the Bureau of Labor Statistics on Friday.The report defied expectations of a hiring slowdown as the Federal Reserve carries out a fight against inflation that aims to slash demand by cooling the economy but risks tipping the country into a recession.Evidence of a softening labor market had mounted this week amid layoffs at high-profile companies like Walmart and Robinhood, as well as a government report that showed a steep decline in job openings in June.